May 11– Former Central Bank CEO Christopher Brent Jerrolds, 54, of Savannah, has pleaded guilty in federal court to a one count information charging him with conspiracy to commit bank fraud.
As a result of the criminal conspiracy, Central Bank, Wayne County Bank, and First Metro Bank of Florence, Alabama, lost more than $9 million collectively.
U.S. Attorney for the Western District of Tennessee Edward L. Stanton III announced the guilty plea today.
Jerrolds faces a sentence of up to five years imprisonment, a fine of not more than $250,000 and a period of up to three years of supervised release.
The court can also order Jerrolds to pay restitution to the three banks involved in the scheme. Jerrolds is scheduled to be sentenced by Judge J. Daniel Breen in Jackson on August 11.